The times. (Owosso, Mich.) 1882-1897, 1887-04-01

III.
SSS, coo 0and 30, 900 600 of them are held
oy national banks. Some of these bonds arr
heil Ia secure deposits, but, of course, tn,
proportion SO held is not large. The natiOna
.anks already hold more than $4,000. 600 O
Per cents OF Which interest has ceased an,
which Inc attorney general has decided art
not valiu security for circulation. The
banks are very slow about getting these bonds
redeemed or replaced, and there is nothing
VI cnmptrollercan DO except proceed against
legally, AMI which he does not con.
'elipiate DONG NJ present. He Is trying by
correspondence and b, general notifications
10 convince the banks that their own Interest
uelands the redemption or replacement OF
| these bOnS.
LAND DECISION.
In comp,iance with a request from the
secretary 0l me interior, the attorney general
mas rendered an opinion in the celebrated
case of the Northern Pacific Railroad Com.
| pany vs. GulIfOrt Miller pending In the de.
parlment OF the interior on an appeal from
the decision OF the commissioner Of the gen
eral ,anu once. The history OF the case,
briefly stated. Is as follows:
On Dec. 70, 1854, Miller made homestead
entry oil the tract in question I'm the Walla
Malla washington territory land office
The tract so entered lies within forty miles
OF the line OF general route of said road, as
shown by. a map filed Feb. 81, 1872 which
filing under the granting act opafated to
| withdraw the land from settlement and
entry. On The definite location of the road
DC. 4, 1850, the land was found to be outside
of the forty and within the fifty mile in
demnity limit, and the Withdrawal on the
general route was continued rs an indemnity
withdrawal; The company selected the land
Dec. Il 1888
The principle question at issue is whether
the railroad indemnity Withdrawals are
authorized by law or, in other words,
whether the officers of the interior depart.
ment had or have authority to withhold
lands within the Indemnity limits frem entry
and settlement The attorney general finds
That such withdrawal does not rest upon any
statutory provision. Mt upon general
authority Of the land department., which has
been recognized by congr 81, repeatedly
affirmed by the supreme court of the United
States, and may now be regarded as too well
established TO be questioned. The land hav
ing Teen continuously Withdrawn since 1874
1t follows, therefore, that Miller's entry was
improperly allowed
A CLEAR FINANCIAL SKY.
MIR. Trenholm, comptroller of the currency
said in an interview that there was no sort
or danger OF panic OF monetary stringency
and he did not think there was any seriOus
apprehensiOns OF that kind. although there
was little talk to that Effect. There was
an ample supply of currency, and it was moi
ieing locked np in the treasury and was not
likely to be. Mr.. Trenholm remarked that
the country was in 4 prosperous condition.
that there was no boom, and nobody was
making phenomenal profits, but there hac
been little or no Overtrading, and the regular
business III the country was being done mt y
fair profit and things were going ahead.
Six or eight months ago lie noticed the hrst
signs OF prosperity. They were in reports
of receivers Of suspended national banks,
who began to observe u tendency on the
part of old debtors of the banks and men
against whom the banks had long held UNI
satisfied judgements to settle UP. That in
dlcated that these men were beginning tc
make money and get some property, and felt
not only able to pay what they owed but
that 1t was for their own interest to get these
old claims against them paid. A little laieI
the receivers began to report that property
the banks in their charge held. and which
had long been unsaleable could be disposed
OF or inquiries were being made about it, |
and the receivers hoped soon to find purchas.
ers, and later still came reports from the
receivers that they had been able to realize
OH country property. All these things were
evidences that men were making money and
were feeling surer OF the future, and salts
fed him that the business of the country was
on good footing. Something more than
thirty bank examiners and about the same
number of receivers of suspended banks are
constantly reporting to the comptroller the
condition of business in their sections, and
the establishment of new banks as well as
the increase OF the business OF the old ones,
all OF which passes under the cOmptrOller's
eye, makes Ills OIIce SOnlcInllgO Oh Hllallclal
weather bureau, and MIR. Trenholm, who Is
a practical banker, as well as an economist
watches the commercial sky closely.
ARBITERs OF RATES.
President Cleveland has appointed the
following as the Interstate Commerce Com.
mission:
Thomas M. Cooley, of Michigan for the
term of six wears.
William II. Morrison, of Illinois. for the
term of five years.
Augustus SchOOnmaker, of New York fol
the term of four years.
Aldace +. Walker, of Vermont for the term
of three years.
Walter l.. Bragg of Alabama, for the term
of two years.
Of the five commissioners Messrs Nor.
risOn, SchOOnnaker and Bragg are Demo.
Gratis, and Messers. Cooley and Walker Re
publicans. 1t Is predicted that great dis.
satisfaction will ensve because the territory
west OF the Mississippi Is not recognized in
the makeup of the commission. Colonel
Morrison's trends are disappointed because
he was not placed first OH the commission,
but the fact, nevertheless, exists that his
colleagues have all enjoyed wider expert.
ence than he in railroad affairs and attained
greater emnence in the legal profession.
Considerable criticism is also INDUCED that
Republican should be named by the Presi.
dent as first on the commission, but the law
creating the commission gives the majority
power W oclcCJ IL Clldltllluil. 10 Stdtcu tHdt
the President gave Judge Cooley the longest
term as recompense for his surrendering
the recevership OF the Wabash railroad sys-
TEN, which is more lucrative than his
present appointment. Il Is believed that
the anti-monOpolists will consider them
selves sighted because none of the
appointees Is pronounced in opposition to
corporations, and because all are lawyers.
The appointment of ex-Attorney General
Schoonmaker, of New York, is thought to
have been accomplished by the Vanderbilt
influence. lie is a pronounced friend OF
President Cleveland, and New York men
say he is the peer in ability of any membei
of the commission.
Thomas M. Cooley, of Michigan, was born
at Attica, N, Y, In 1924, studied law, and
removed to Michigan in 1S43, where he has
since resided. He was elected a Justice of
the supreme Court of Michigan in 1864, 1863
and 1877. He is the author of standard legal
works.
William II. Morrison, of Illinois, was born
In Monroe County, Illinois, Sept. H. 1925.
He is lawyer, and was in congress from
1875 to 1887.
Walter l.. Bragg, of Alabama, was born